{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-6314.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-6314.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-6314.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-6314.html"}],"law_id":85881,"edition_id":1,"section_id":85881,"structure_id":13760,"section_number":"15.2-6314","catch_line":"Exemption from taxation; authorities to be municipal corporate instrumentalities of Commonwealth","history":"Code 1950, \u00a7 15-952; 1954, c. 645; 1962, c. 623, \u00a7 15.1-1335; 1997, c. 587.","full_text":"The bonds or other securities issued by an authority, the interest thereon, and all real and personal property and any interest therein of an authority, and all income derived therefrom by an authority shall at all times be free from taxation by the Commonwealth, or by any political subdivision thereof. The authority shall be regarded as a municipal corporate instrumentality of the Commonwealth for the purpose of discharging its functions and exercising its powers under this chapter.","order_by":null,"text":{"0":{"id":307533,"text":"The bonds or other securities issued by an authority, the interest thereon, and all real and personal property and any interest therein of an authority, and all income derived therefrom by an authority shall at all times be free from taxation by the Commonwealth, or by any political subdivision thereof. The authority shall be regarded as a municipal corporate instrumentality of the Commonwealth for the purpose of discharging its functions and exercising its powers under this chapter.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13760,"edition_id":1,"name":"Authorities for Development of Former Federal Areas","identifier":"63","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:45:48","date_modified":"2026-06-26 03:45:48","permalink":{"id":160117,"object_type":"structure","relational_id":13760,"identifier":"63","token":"15.2\/IV\/63","url":"\/15.2\/IV\/63\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12721,"edition_id":1,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":157897,"object_type":"structure","relational_id":12721,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":77096,"structure_id":13760,"section_number":"15.2-6300","catch_line":"Declaration of policy for authorities created by the Governor","url":"\/15.2-6300\/","token":"15.2\/IV\/63\/15.2-6300","metadata":false},{"id":81238,"structure_id":13760,"section_number":"15.2-6300.1","catch_line":"Declaration of policy for authorities created by a locality","url":"\/15.2-6300.1\/","token":"15.2\/IV\/63\/15.2-6300.1","metadata":false},{"id":78734,"structure_id":13760,"section_number":"15.2-6301","catch_line":"Definitions","url":"\/15.2-6301\/","token":"15.2\/IV\/63\/15.2-6301","metadata":false},{"id":57307,"structure_id":13760,"section_number":"15.2-6302","catch_line":"Establishment of development authorities","url":"\/15.2-6302\/","token":"15.2\/IV\/63\/15.2-6302","metadata":false},{"id":82802,"structure_id":13760,"section_number":"15.2-6303","catch_line":"Authorities to file annual reports","url":"\/15.2-6303\/","token":"15.2\/IV\/63\/15.2-6303","metadata":false},{"id":70793,"structure_id":13760,"section_number":"15.2-6304","catch_line":"Board of commissioners; appointment of director, agents and employees","url":"\/15.2-6304\/","token":"15.2\/IV\/63\/15.2-6304","metadata":false},{"id":80293,"structure_id":13760,"section_number":"15.2-6304.1","catch_line":"Repealed","url":"\/15.2-6304.1\/","token":"15.2\/IV\/63\/15.2-6304.1","metadata":false},{"id":73414,"structure_id":13760,"section_number":"15.2-6305","catch_line":"Powers and duties of director","url":"\/15.2-6305\/","token":"15.2\/IV\/63\/15.2-6305","metadata":false},{"id":66574,"structure_id":13760,"section_number":"15.2-6306","catch_line":"Principal and branch offices","url":"\/15.2-6306\/","token":"15.2\/IV\/63\/15.2-6306","metadata":false},{"id":59423,"structure_id":13760,"section_number":"15.2-6307","catch_line":"Legal services","url":"\/15.2-6307\/","token":"15.2\/IV\/63\/15.2-6307","metadata":false},{"id":65640,"structure_id":13760,"section_number":"15.2-6308","catch_line":"Powers of authorities generally","url":"\/15.2-6308\/","token":"15.2\/IV\/63\/15.2-6308","metadata":false},{"id":55812,"structure_id":13760,"section_number":"15.2-6308.1","catch_line":"Approval of Governor required","url":"\/15.2-6308.1\/","token":"15.2\/IV\/63\/15.2-6308.1","metadata":false},{"id":79281,"structure_id":13760,"section_number":"15.2-6309","catch_line":"Two or more authorities may join or cooperate in exercising powers","url":"\/15.2-6309\/","token":"15.2\/IV\/63\/15.2-6309","metadata":false},{"id":80072,"structure_id":13760,"section_number":"15.2-6310","catch_line":"Payments to Commonwealth or political subdivisions thereof","url":"\/15.2-6310\/","token":"15.2\/IV\/63\/15.2-6310","metadata":false},{"id":55691,"structure_id":13760,"section_number":"15.2-6311","catch_line":"Authorities may borrow money, accept contributions, etc","url":"\/15.2-6311\/","token":"15.2\/IV\/63\/15.2-6311","metadata":false},{"id":54769,"structure_id":13760,"section_number":"15.2-6312","catch_line":"Authorities empowered to issue bonds; additional security; liability thereon","url":"\/15.2-6312\/","token":"15.2\/IV\/63\/15.2-6312","metadata":false},{"id":76952,"structure_id":13760,"section_number":"15.2-6313","catch_line":"Bonds to be authorized by resolution of board; terms; sale; negotiability; validity","url":"\/15.2-6313\/","token":"15.2\/IV\/63\/15.2-6313","metadata":false},{"id":85881,"structure_id":13760,"section_number":"15.2-6314","catch_line":"Exemption from taxation; authorities to be municipal corporate instrumentalities of Commonwealth","url":"\/15.2-6314\/","token":"15.2\/IV\/63\/15.2-6314","metadata":false},{"id":82904,"structure_id":13760,"section_number":"15.2-6314.1","catch_line":"Applicability of the Virginia Personnel Act and the Virginia Public Procurement Act","url":"\/15.2-6314.1\/","token":"15.2\/IV\/63\/15.2-6314.1","metadata":false},{"id":82914,"structure_id":13760,"section_number":"15.2-6315","catch_line":"Provisions for securing payment of bonds","url":"\/15.2-6315\/","token":"15.2\/IV\/63\/15.2-6315","metadata":false},{"id":66323,"structure_id":13760,"section_number":"15.2-6316","catch_line":"Rights and remedies of obligees","url":"\/15.2-6316\/","token":"15.2\/IV\/63\/15.2-6316","metadata":false},{"id":76358,"structure_id":13760,"section_number":"15.2-6317","catch_line":"Rents, fees and charges; disposition of revenues","url":"\/15.2-6317\/","token":"15.2\/IV\/63\/15.2-6317","metadata":false},{"id":74653,"structure_id":13760,"section_number":"15.2-6318","catch_line":"Investment in bonds issued by authorities","url":"\/15.2-6318\/","token":"15.2\/IV\/63\/15.2-6318","metadata":false},{"id":74540,"structure_id":13760,"section_number":"15.2-6319","catch_line":"Dissolution of authority","url":"\/15.2-6319\/","token":"15.2\/IV\/63\/15.2-6319","metadata":false},{"id":71722,"structure_id":13760,"section_number":"15.2-6320","catch_line":"Powers conferred additional and supplemental; liberal construction","url":"\/15.2-6320\/","token":"15.2\/IV\/63\/15.2-6320","metadata":false},{"id":86862,"structure_id":13760,"section_number":"15.2-6321","catch_line":"Chapter controlling over inconsistent laws","url":"\/15.2-6321\/","token":"15.2\/IV\/63\/15.2-6321","metadata":false},{"id":68944,"structure_id":13760,"section_number":"15.2-6322","catch_line":"Sovereign immunity","url":"\/15.2-6322\/","token":"15.2\/IV\/63\/15.2-6322","metadata":false}],"previous_section":{"id":76952,"structure_id":13760,"section_number":"15.2-6313","catch_line":"Bonds to be authorized by resolution of board; terms; sale; negotiability; validity","url":"\/15.2-6313\/","token":"15.2\/IV\/63\/15.2-6313","metadata":false},"next_section":{"id":82904,"structure_id":13760,"section_number":"15.2-6314.1","catch_line":"Applicability of the Virginia Personnel Act and the Virginia Public Procurement Act","url":"\/15.2-6314.1\/","token":"15.2\/IV\/63\/15.2-6314.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-6314\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1954, chapter 645; in 1962, chapter 623; in 1997, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0587\">587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":160187,"object_type":"law","relational_id":85881,"identifier":"15.2-6314","token":"15.2\/IV\/63\/15.2-6314","url":"\/15.2-6314\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-6314\/","token":"15.2\/IV\/63\/15.2-6314","dublin_core":{"Title":"Exemption from taxation; authorities to be municipal corporate instrumentalities of Commonwealth","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-6314","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> or other securities issued by <span class=\"dictionary\">an authority<\/span>, the interest thereon, and all real and personal property and any interest therein of <span class=\"dictionary\">an authority<\/span>, and all income derived therefrom by <span class=\"dictionary\">an authority<\/span> shall at all times be free from taxation by the Commonwealth, or by any political subdivision thereof. <span class=\"dictionary\">The authority<\/span> shall be regarded as a municipal corporate instrumentality of the Commonwealth for the purpose of discharging its functions and exercising its powers under this chapter.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nEXEMPTION FROM TAXATION; AUTHORITIES TO BE MUNICIPAL CORPORATE INSTRUMENTALITIES\nOF COMMONWEALTH (\u00a7 15.2-6314)\n\nThe bonds or other securities issued by an authority, the interest thereon, and\nall real and personal property and any interest therein of an authority, and all\nincome derived therefrom by an authority shall at all times be free from\ntaxation by the Commonwealth, or by any political subdivision thereof. The\nauthority shall be regarded as a municipal corporate instrumentality of the\nCommonwealth for the purpose of discharging its functions and exercising its\npowers under this chapter.\n\nHISTORY: Code 1950, \u00a7 15-952; 1954, c. 645; 1962, c. 623, \u00a7 15.1-1335; 1997,\nc. 587.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}